RCS - Vietnam Enterprise - Results analysis from Kepler Trust Intelligence

Vietnam Enterprise InvestmentsAnnouncement

28/04/2026 17:00

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RNS Number : 2710C  Vietnam Enterprise Investments Ltd  28 April 2026

Vietnam Enterprise Investments (VEIL)

28/04/2026

Results analysis from Kepler Trust Intelligence

Vietnam Enterprise Investments (VEIL) has reported strong results for 2025 as
the Vietnamese market rebounded despite short-term volatility surrounding US
tariff announcements. The NAV total return was 24.5% in USD terms, or 15.9% in
GBP, outperforming the two other Vietnam investment trusts by a wide margin,
with both posting negative GBP returns. However, VEIL's performance was behind
the VNI benchmark which was up 38.8% in USD or 29.2% in GBP, due to
exceptional returns of c. 700% from the largest company in the index,
VinGroup. The strong returns were achieved despite overseas investors being
big net sellers of Vietnamese equities, with domestic investors taking up the
baton. This could bode well for the market when foreign investors return, with
the market set to be included in the FTSE Emerging Series in September. Banks
and retailers were among the best performers for VEIL over the year, as the
portfolio benefitted from being positioned in stocks exposed to domestic
growth, urbanization and infrastructure spend.

 

Kepler View

A strong combination of growth, valuation and technical factors support
investment in Vietnamese equities. Entering the year, GDP was forecast to grow
at 10% in 2026, and in fact delivered 7.8% annualised in the first quarter, a
record for Q1. Meanwhile, the market traded at around 11x forward earnings as
of 01/04/2026. On the technical side, in September Vietnam will be promoted to
emerging market status by FTSE, which Dragon Capital estimate could see $6-8bn
cumulative inflows over 12-18 months.

 

Vietnam Enterprise Investments' (VEIL) portfolio is positioned to benefit from
surging domestically-driven growth. Manager Tuan Le Anh has increased the
portfolio's exposure to leading private sector champions following the
introduction of Resolution 68, expecting it to facilitate greater private
sector investment in large-scale development projects. Additionally, he has
added to the brokerage firm SSI in order to benefit from anticipated greater
liquidity, the IPO pipeline, and the FTSE upgrade. New positions in the energy
sector should benefit from renewed domestic oil production in the light of
higher energy prices. Meanwhile the trust remains heavily invested in the
banking sector which should benefit from growing demand for loans, and in
particular in those with stronger earnings momentum.

 

VEIL's discount has narrowed in recent months, but we still regard it as
attractive in the light of its growth outlook and the expected further tender
offer as well as, over the longer run, a performance-related 100% tender
offer. The volatility surrounding the current conflict in the gulf may prove
to have been a good opportunity to top up, although we note the local market
has already made back most of the losses after the outbreak of the war.

 

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